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How do my finances compare to other people in America?

The numbers are in and it looks like people in Tennessee and across the nation are doing better financially. If you feel more confident about your situation, you are not alone. Compared to 2009, most American families have seen improvement in a number of areas, according to Forbes.

In particular, you may be feeling better about your credit card debt. The numbers show that many people who are plagued by credit card debt are better managing their financial obligations. 51 percent of people reported being able to pay off the full balance on their credit card each month. This is up 10 percent from 2009. However, 39 percent of people reported engaging in damaging behaviors such as maxing out their limit, only paying minimum amounts due and making late payments.

A common worry many people have is where they will turn if a sudden and expensive cost were to arise. 62 percent of people responded that within 30 days, they could come up with $2,000 to cover such an expense. While this number is up 6 percent from four years ago, it means that some people are still ill prepared.

You may also be worried about student loan debt. Of the people that currently have some form of student loan debt, half of them are worried about paying it off. However, people are also looking to the future. In 2009, 31 percent of people reported that they were saving money for their children’s education. Today, that number has risen to 41 percent.

Finally, Americans seem to be doing better when it comes to saving for an emergency. Experts recommend that you should have enough funds saved to cover expenses for three months. Almost half of Americans reported having that much money set aside, compared to only one-third in 2009.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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